The idea is apparently to create MMA's version of the MLB's Triple-A system, which makes no sense at all since we've already got that: they're called "local shows". The article's really long, so I'll post some "high-lights" & then the link for those that wanna read more:

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All the major sports leagues have "feeder systems" and now Southern California fight promoter and sports entrepreneur Roy Englebecht has decided that mixed martial arts also needs its own legitimate minor league system.

In an effort to help develop the next generation of MMA stars while providing investors a chance to own their own professional sports franchise, Englebrecht announced Wednesday the launch of the Professional Mixed Martial Arts League (PMMAL).

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"Now with the Professional Mixed Martial Arts League, some of the best young MMA fighters competing today can be part of a team, know when and where they will fight each month, and be paid and treated like the professional athletes they are."

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The PMMAL concept will see qualified owners awarded a team and have exclusive territorial rights in seven regions; San Diego County, Orange County, Los Angeles County, Ventura County, Riverside County, San Bernardino County, and Las Vegas ... Each PMMAL team will be allowed to select 14 fighters in a League Draft scheduled for December of 2009.

Each PMMAL team will also play an eight event regular season schedule once a month beginning in February of 2010, with four home events and four away events, and all eight teams qualifying for the quarterfinals of the PMMAL Championships starting in October. Four teams will advance to the semifinals in November and two teams will compete in the Inaugural PMMAL Championship in December. PMMAL fighters will earn a minimum of $10,000 per year, and can earn upward of $25,000 per year.